TORONTO, CANADA--(Marketwired - April 15, 2014) - Further to its announcement of January 30, 2014, Gabriel Resources Ltd. ("Gabriel" or the "Company") (GBU.TO) reports that a ruling of the Suceava Court of Appeal (the "Court") in Romania today has rejected an appeal against the decision of a lower court suspending the Archaeological Discharge Certificate 9/2011 for the Carnic open pit ("ADC"). The ADC was issued in July 2011 in respect of Gabriel's majority-owned Roşia Montană gold and silver project ("Project").
The Court's ruling cannot be appealed further. The effect of the suspension of the ADC is temporary, pending the irrevocable conclusion of a separate legal action launched by three non-governmental organisations ("NGOs") seeking the annulment of the ADC. The next court hearing of the annulment case is scheduled to be heard by the Buzau Tribunal on May 20, 2014. An irrevocable decision on the merits of the annulment case may not be issued for several months and possibly into 2015.
On September 9, 2013, the Bucharest Tribunal rejected a claim similarly seeking the annulment of the ADC, launched in a separate case by two other NGOs.This decision is not irrevocable.
It is Gabriel's understanding that the suspension of ADC should not lead to the suspension, termination or delay any permitting processes that are currently running in parallel and, accordingly, the conclusion of the Technical Assessment Committee's review of the Project's Environmental Impact Assessment can continue. Furthermore, the suspension of the ADC does not affect, cancel or terminate any rights the Company currently holds, or has previously acquired, with respect to the Project.
Jonathan Henry, President and CEO of Gabriel stated:
"The Project is multi-faceted and pioneering in terms of the permitting process in Romania and has enormous potential benefit for Romania, its people and the community of Roşia Montană. The Company will continue to follow and satisfy all applicable rules and regulations in order to advance, authorize and implement the Project. We sadly see that some NGOs continue to strongly oppose the economic and social development of a disadvantaged area of Romania by launching a series of claims without merit against the Project and the respective permitting authorities. Over the years, many of these claims have been dismissed by the Romanian courts to be without foundation.
We remain committed to our goal of building one of Europe's most modern mines in Roşia Montană, developed in full compliance with Romanian and European Union legislation, using the best available practices and sympathetic to the cultural heritage of the area."
Notes to Editors - Archaeological discharge certificates
Gabriel is required to obtain archaeological discharge certificates for the various parts of the proposed Project footprint. In order to obtain such discharge certificates, Gabriel must conduct an extensive program of preventative archaeology in order to ensure that all valuable historical relics in the area are uncovered and preserved. The archaeological site investigations at Rosia Montana represent the largest preventative archaeological program undertaken in Romania. One of the principal benefits from these programs has been the significant development of modern archaeological techniques within Romania, as well as fostering cooperation and exchanges between international and Romanian archaeologists.
On July 14, 2011, the Alba County Directorate for Culture and National Patrimony issued a new ADC to Gabriel's 80.69 percent-owned Romanian subsidiary, Rosia Montana Gold Corporation S.A. ("RMGC") for the Carnic open pit, which complements those it already holds for the Cetate and Jig open pits.
The ADC in full force and effect is required in order to apply for a construction permit for the Project. The Company will require a number of permits and approvals in order to construct and operate the Project and the permitting process for each of the material permits required by the Company will continue in parallel and independently of one another.
Since the issue of the ADC for Carnic, Gabriel has commenced further detailed archaeological work in the old underground mining galleries that lie under the historical center of the village of Rosia Montana. This work has focused on opening up previously unexplored Roman galleries and ongoing archaeological rehabilitation work on underground development adits and old mining areas that have never been restored for public interest. Should the Project proceed, these areas will be restored by Gabriel with a view to opening them as a permanent museum and visible testimony to the 2,000 year mining history at Rosia Montana.
Gabriel is a Canadian TSX-listed resource company focused on permitting and developing its world-class Roşia Montană gold and silver project. The exploitation license for the Project, the largest undeveloped gold deposit in Europe, is held exclusively by Roşia Montană Gold Corporation, a Romanian company in which Gabriel currently owns an 80.69 percent equity interest, with the 19.31 percent balance held by Minvest Roşia Montană S.A., a Romanian state-owned mining enterprise. Gabriel and RMGC are committed to responsible mining and sustainable development in the communities in which they operate. The Project is anticipated to bring over US$24 billion (at US$1,200/oz gold) to Romania as potential direct and indirect contribution to GDP. The Project will generate thousands of employment opportunities. Gabriel intends to build a state-of-the-art mine using best available techniques and implementing the highest environmental standards whilst preserving local and national cultural heritage in Romania.
For more information please visit the Company's website at www.gabrielresources.com.
This press release contains forward-looking information as defined in applicable securities laws relating to the Company and/or the Project (referred to herein as "forward-looking statements") that are based on management's current expectations, estimates and projections. Specifically, this press release contains forward-looking statements in respect of future permitting processes. All statements other than statements of historical facts included herein, including without limitation, those incorporated by reference, those which may refer to the Company's financial position, business strategy, plans, objectives of management for future operations (including development plans and objectives relating to the Company's business) the economic impact, job creation, costs estimates, patrimony plans, future ability of the Company to finance the Project, Project delivery and estimates regarding the timing of completion of various aspects of the Project's development or of future performance are forward-looking statements.
The words "believe", "expect", "anticipate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "projects", "may", "will", "schedule", "potential", "proposed" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that are inherently subject to significant business, economic, legislative, political and competitive uncertainties and contingencies.
Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which are difficult, or may be beyond Gabriel's ability, to predict or control and that may cause the actual outcomes, level of activity, financial results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, without limitation, changes in the worldwide price of precious metals; fluctuations in exchange rates; legislative, political or economic developments including changes to mining and other relevant legislation in Romania; geopolitical uncertainty, uncertain legal enforcement; changes in, and the effects of, the government policies affecting the Company's operations; uncertainties related to timelines for awaited approvals; changes in general economic conditions, and the financial markets; operating or technical difficulties in connection with exploration, development or mining; environmental risks; the risks of diminishing quantities or grades of reserves; and the Company's requirements for substantial additional funding. Accordingly, readers should not place undue reliance on forward-looking statements. Gabriel undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein whether as a result of new information or future events or otherwise, except as may be required by law.